Are pensions capital?

atush

If it wasn't an isa, it can easily be transferred to your name.

and even if it is ISa'd, still just takes a call and a form. You just lose the tax wrapper.

A call to HL would easily answer both as to the process.

xylophone

You will find the staff at HL knowledgeable and helpful - now that you have probate, you can discuss what to do next.

https://www.hl.co.uk/free-guides/what-to-do-when-someone-dies

r_i_c

Oh, that sounds good. I web-mailed HL several days ago & I think they have replied, will update. They certainly kept me out of the soup with the drawdown - & MSE - without that things would have become decidedly sticky, I have only got by on a hair & a whisker as it is. Gave the dog 2 treats this evening instead of one since things are starting to look a little more promising just now Fingers crossed.

Otherwise, yes: Hargreaves have made some useful suggestions, I need to go over them. Will update with thanks.

r_i_c

xylophone wrote: »

The DDs relating to utilities, CT etc might be better in the 123.

The 123 says to 'fund the account with £500 a month, excludes internal transfers.'

http://www.santander.co.uk/uk/current-accounts/123-current-account

What does that mean please? If it means you have to find £500 per month to earn any interest on whatever is already there, then it's going to be a roller-coaster account it seems to me? All I want is a current account(s) with reasonable interest for the remainder estate.

Yes, I am going to go in for a Vantage Fund & Share Account, that should be an excellent idea for an investment.

Thanks

xylophone

You simply credit the account with £500 from an account held with another bank and withdraw it again, within minutes if you wish.

r_i_c

xylophone wrote: »

You simply credit the account with £500 from an account held with another bank and withdraw it again, within minutes if you wish.

Thanks. Weird but okay: I should be able to cope with that when the estate (in bits & bobs) is finally transferred in total & settled. The one bank is across the road from the other!

If I'm mostly staying with HL do I still need to see an IFA? Have identified a fairly local one.

Otherwise, M&G do (something like a Unit Trust) OEICs. Mum had an ISA with M&G, I can't have two ISAs due to the cap but presumably I could open an OEIC?

http://www.mandg.co.uk/investor/your-investment-choices/choose-your-investment/oeics/

Think Hargeaves do OEICs too but do I want all my eggs in one basket?

:-o

atush

Ideally you wont be going down and walking the money across each month- you'd do it by Direct debit lol

r_i_c

atush wrote: »

Ideally you wont be going down and walking the money across each month- you'd do it by Direct debit lol

Have done this in the past though - always used the old Abbey Nat as an emergency top-up, just in case - and there have been many of those.

But I need to get Santander up online if I am going to be using it on a regular basis, especially since you have to commit 2 DDs to them before you can open the 123.

But those DDs could be anything couldn't they? No need to commit large DDs (yet) if you didn't want to? After all, I need to test the water first.

jamesd

r_i_c wrote: »

If I'm mostly staying with HL do I still need to see an IFA? Have identified a fairly local one.

If you're happy not getting advice, no. You'll probably be fine.

Just watch out for HL trying to sell you annuities if you ever say that you want retirement income. They seem to just pretend that higher paying options like state pension deferral don't exist and only mention drawdown or annuity for those who want retirement income.

r_i_c wrote: »

I can't have two ISAs due to the cap but presumably I could open an OEIC?

Yes, you can hold OEICs (just another form of fund) inside any fund and share account, including HL's. Pick income units, not accumulation, when outside an ISA, it simplifies your eventual capital gains tax accounting.

r_i_c wrote: »

Think Hargeaves do OEICs too but do I want all my eggs in one basket?

They do, most "funds" these days are the OEIC type. No harm with all in one basket if the total amount is under the investment FSCS cap of £50k. Not really a lot of risk of loss above that either.

jem16

r_i_c wrote: »

But I need to get Santander up online if I am going to be using it on a regular basis, especially since you have to commit 2 DDs to them before you can open the 123.

You don't have to commit before opening. You can open the 123 account and then sort out the DDs. However you won't get any interest until the DDs are set up.

But those DDs could be anything couldn't they? No need to commit large DDs (yet) if you didn't want to? After all, I need to test the water first.

They could be for anything but certain DDs will also qualify for cashback which can negate the £2pm fee so best to use them.

As for paying £500 in per month, either set up a Standing Order to do so or manually transfer from one bank to another using Internet banking.